Equinor Applauds Angola’s Oil Reforms; The African Energy Chamber (AEC) Backs Vision for Africa’s Energy Future
Norwegian multinational energy company Equinor has hailed Angola’s recent incremental production decree as a landmark reform that enhances the country’s ability to attract oil and gas investment while boosting production and boosting economic growth. African Energy Chamber (AEC) (https://EnergyChamber.org/), as the voice of the African energy industry, proudly endorses Equinor’s statement recognizing Angola’s well-structured oil and gas reforms as a powerful model for attracting investment and promoting hydrocarbon development across the continent.
Angola’s incremental production decree, to be implemented in November 2024, introduces progressive fiscal provisions aimed at attracting investment and increasing oil and gas production. The decree enhances the commercial viability of developing fields in mature blocks, greenfield areas and stranded resources, while encouraging exploration near existing infrastructure. By facilitating the recovery of producing fields and extending the life of critical infrastructure, the decree will bring billions of dollars in offshore investment, create jobs and drive economic growth, cementing Angola’s position as a leading oil and gas producer.
Nina Koch, senior vice president of Africa at Equinor, said: “The new terms could increase investment and boost Angola’s oil and gas production, as they make it more commercial to develop fields in mature blocks and less developed areas.Koch stressed that the reforms pave the way to develop stranded resources, promote exploration near existing infrastructure and enhance the recovery of producing fields – a key step in dealing with declining production.
The decree builds on a series of bold measures Angola has taken in recent years to revitalize the oil and gas industry. These include regulatory simplification, improved licensing rounds and fiscal adjustments to make the business environment more competitive and investor-friendly. As Koch pointed out, “This decree certainly strengthens the business case for many projects in Equinor’s portfolio, including opportunities for infrastructure life-cycle extension in our partnerships.” She stressed that these initiatives could bring billions of dollars in offshore investment, create jobs and generate income, benefiting Angola’s economy and society.
Supported by Equinor, incremental production mandates also align with broader strategies to extend asset lifecycles and maximize value. Koch added, “The new financial terms can be a catalyst for our strategy to extend the life of our production outside of Norway, while ensuring the value of our partnership and Angolan society for decades to come.”
“This step taken by the Angolan government deserves recognition,” said AEC Executive Chairman N.J. Ayuk. “Equinor’s recognition of these reforms highlights Angola’s leadership in adapting to industry needs, and we believe these efforts provide valuable insights for others seeking to attract investment and promote sustainable development.” African countries provide an outstanding case study for sustainable energy development.”
The African Economic Community remains committed to supporting initiatives to realize Africa’s full energy potential. Angola’s success demonstrates the transformative power of active governance, innovative fiscal policies and collaboration between government and industry leaders.
Distributed by APO Group on behalf of the African Energy Chamber.
